China developer Kaisa says it was unprofitable in 2014

Troubled Chinese developer Kaisa, which could be acquired by Sunac group later this year, has said it will announce a ‘substantial decline’ in profit for 2014, though it did not provide any figures, Bloomberg reported. Sunac, a developer based in Tianjin looking to expand in southern China, bought 49.3% of Kaisa in January and made a full offer conditional upon debt restructuring. Sunac has also insisted upon debt relief for Kaisa in light of said firm narrowly avoiding becoming the first Chinese developer to default on US currency debt.